GE Money Bank

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skydivr7673, I'm glad you find my experience to be so funny.

um, yeah....there's this thing called sarcasm. I'm sure that by now you've heard of it. If you actually think I was laughing when I typed that, you need some help.

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The interest rates weren't 29.9% when I signed up.

Did you sign a contract? did the contract give them the right to increase your interest rate? Then guess what--you are just as liable. If you did not sign a contract that gave them that right, then by all means, post that and I would be more than happy to help you fight them back into compliance or to get them on breach of contract. until then, all it sounds like is an excuse.

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I can't pay because of a job loss and subsequent new job at less pay, as well as massive medical bills.

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Where do you get off lecturing me?

Where do I get off? Simple...

once, I was a paid firefighter in a large city. I made pretty good money. Then I was diagnosed with cancer. I lost just about everything, had a year of chemo and a bunch of surgeries. I had TONS of medical bills. I lost my career. I had to work my tail off, sometimes while still undergoing treatments that made my stomach just about jump out of my body. BUT I MADE IT THROUGH. No one paid my bills for me. No one lowered interest rates. Creditors have every right to charge you what the contract allows--you signed it, so you dont have the right to claim later that it is somehow unfair of them to do it!

Now, I am cancer free. I make a good living, albeit in a completely different field. But I got here. And hard work is what did it. I had an obligation to pay a bill, I paid it. That was it, no excuses, no trying to force the creditor to not do what they were legally allowed to do. And you should be doing the same.

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I didn't ask how to get out of paying my debt. Where is that written? Seriously. Tell me where I wrote that I want to NOT pay the debt at all. I fully intend to pay it back - but not at 29.9%. At that rate, as I wrote, I can barely afford the interest.

And where did I claim that you were trying to get out of paying the whole debt? I was obviously referring to the fact that you are trying to BLACKMAIL your creditor by refusing to pay until they stop doing something that YOU SIGNED A CONTRACT that gave them the right to do in the first place! You signed a contract that said you agree that they have the right to adjust your interest rate, then when they did it, you want to pretend that they just broke the law or something.

Look, I am genuinely sorry for your financial situation, I really am. I've been there, I know how much it sucks. But youre going about this all wrong. Your claims that this is "usurious" are ridiculous. Usury is when they charge interest above what is allowed in your state--it is NOT when they charge more interest than you want to pay. Are they doing that? If so, then say that and again, we have ways that you can handle that. But so far it certainly doesnt sound like it from your posts.

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I find your post to be offensive. Maybe you should check out the other questions on these forums. Because they're questions from people who DID NOT pay the original creditor and let the account go to collections - and then they come here and ask how to settle, handle the calls, etc

Well then, we're even because I find it offensive that you sign a contract, giving them the right to do what you now claim they are wrong for doing. Then you demand that they stop doing it or you wont pay them. To me, that's ridiculous.

Also, might I suggest that you take a look around this place yourself. In all my posts here I have NOT ONCE EVER advocated to ANYONE that they skip out on a debt they knew they owed. EVER. We dont operate that way here. Now, I have told people not to pay a debt collector--but only until they can establish that they are paying the CORRECT debt collector.

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I guess I should wait until it goes to collections and then ask your advice on how to 'negotiate' the original balance down. That's morally superior to my plan of paying the entire balance but at a reasonable interest rate

See above. Also, let's be honest--if you wanted a "reasonable interest rate", you should have never gotten a credit card. Credit card rates are disgusting, to put it mildly. Further, since you signed an agreement, you empowered them to do this. That's the fact. I actually agree that the rates are beyond reason--but the law DOES allow them and you DID agree to them. I find it hard to feel pity for that reason.

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Sure, I used the cards. I don't deny that. But I'm in a bad spot financially, and I hardly think it's 'funny' (as you put it) that I need the OC to lower my rate to something manageable. The website is here to help people get out of debt? Okay, skydivr7673, how do you get out of debt with 29.9% interest? Please post an answer.

I didnt get you into debt at that or any other interest rate. I merely disagreed with the method youre trying to use now. Where do you think you have the right to make such a demand of them, after you signed a contract that gave them the right to do this? Like I said, youre going about this all kinds of wrong. Plus, OC's dont just "lower the rate to something manageable"--they arent in business for you or me. They are in business for themselves. You should know that before you sign up for a credit card.

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And by the way, I never wrote that not paying gives me the right to demand they drop the rate. As a consumer, my only leverage is my payment. That's it. They want my money. Well, I want a fair interest rate.

1--wrong. Your payment is not leverage. It is your end of a legally-binding contract that YOU signed of your own volition. Let's recap--

--you signed contracts that gave them the right to raise interest rates.
--you agreed to make payments.
--they raised interest, in keeping with what the contract allows.
--in response, you stop paying, which puts you in breach of the contract.

As the law sees this, there is only one party that has done wrong--you. This is basic contract law here.

If you think your payment is leverage, wait until they sue you, then garnish your wages or levy your bank accounts. They will get paid, whether you like your interest rate or not. That isnt leverage--its defaulting on your contract.

2--they dont want YOUR money--they want THEIR MONEY BACK. When you charge something on a card, it is in effect using their money to pay for it. They gave you that money when you asked for it. Now they are looking for THEIR money back. They arent looking for your money. Thats part of the problem with how youre trying to do this--your mindset doesnt cover the facts.

3--Again, a fair interest rate does not usually go hand-in-hand with a credit card. What was your interest rate before they jumped it up? 15%? 18%? 21%??? All of those are massive interest rates on a good sized balance......you want a fair interest rate but you signed a contract for a high one from the start....and because of that, youre blaming THEM?

Finally, I am not a moderator, not sure where you got that from but it is not the case. What would you like us to do, sugar coat the facts for you? I'm sorry if you dont like my post, but I am not here to sugar-coat anything for anyone. You entered into a legally-binding agreement, and you wrongly use words like "usurious" to try to get out from under the spot you put yourself in. I feel for you with the hard times, but this is not the way to handle your situation at all. your best bet would be to keep things polite with them--but I think you already blew that one. Even if you tried a debt settlement program, they are under no obligation to work within that program. And, since you have gone and made these demands, you have probably made enemies where they might have worked with you before. The best thing to do is to always try to work with a creditor--show them that you have every intention of paying off your debt to them. Demanding that they play by your rules or else you wont pay has likely damaged any chance you had of getting them to work with you now. this is the original creditor, not some junk debt collector that doesnt have the paperwork they need to prove their case against you. Original creditors have begun more and more to sue debtors instead of just selling the debts off to debt buyers. You may have just talked yourself into a lawsuit with this one. And for that, youre offended at ME? Maybe its time to reassess your priorities...

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with the economy the way it is does no one deserve a break i have eight children and just mt husband employed at the time of course we have debt some of which we struggle with but paying off for the most part. my 21 year old just phoned me about some debt with worldwide asset purchasing from ten years ago when i filed bankruptcy. so what do i do now mr. know it all sue my lawyer?

The first thing you can do is can your attitude towards me. You dont know me and my comments towards someone else's actions have no bearing on your situation. So many of us go so far out of our way to help people in here and when we see someone come along with that kind of story, well, let's just say it sucks. Why on earth do you think the creditors out there treat people like garbage? Part of the reason is when people pull stupid stunts like MAKING DEMANDS that they have no business making! Think about it--when you sign a contract, YOU AGREE TO ALL OF THE TERMS IT CONTAINS. How smart is it to sign a contract and then make retarded demands and refuse to make payments until they are met later on? What you SHOULD be doing in that case is WORK WITH YOUR CREDITOR. you shouldnt be getting all ticked off to that point when they refuse to stop doing something that YOU GAVE THEM THE RIGHT TO DO IN THE FIRST PLACE.

Now that thats been said, your situation could actually be an easy one. you said the debt is from 10 years ago--what state are you in? 10 years is past the statute of limitations for many states, so this debt may be beyond the applicable SOL and if it is they cannot do much about it any more. Let me know your state and I can have that answered for you. Second, you said bankruptcy--was this debt declared in that bankruptcy? If so, then all you need to do is get a copy of the bankrputcy discharge and send it to this debt collector, and basically tell them to kiss off, because if it was included in your bankruptcy, they cannot collect on it now.

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I know exactly how you feel. I have an account with Bank of America. When I signed the contract, the interet rate was 14%. I asked the rep about the rate because I was concerned that it was not fixed. He assured me that it would not go up more than a point or two because it was based on the prime rate. Big surprise! Overnight it went from 14 to 29 overnight. I never missed a payment. I was never late, but they felt that I owed too much money. My payment doubled. I don't think it is fair for companies to reel you in with one interest rate and then hit you with a higher one. Don't let anyone make you feel bad.

see, now here's the problem with this. Yes, it really sucks....no, I dont think they should be able to do it....BUT, I dont make the laws in this country. AND, I didnt sign my name to that contract that gave them legal right to raise my rate as they saw fit--you did. We have a capitalist system, and while it has benefits, it also has drawbacks. This is one of those drawbacks. Bottom line, when you sign a contract, be sure you agree with ALL of the fine print. The OP in this thread actually claimed that usury had taken place...well, it hasnt. It sucks, I agree, but when you give them that right, you cannot demand later that they stop exercising that right. Think about that before any of you try to complain about me. I am a consumer, I dont work for any of these credit card companies or even remotely close to the field. But I do know the benefits to making sure that I know every word of what I am agreeing to when I sign something. The guy that claimed they would only raise you a point or two--what honestly did you think he would say? HE WORKS FOR THEM! It is his JOB to get you to sign that contract, and dont you think he will tell you whatever he needs to so you will do it? At that point, you are only going to be as much a victim as you allow yourself to be. Anyone who's dealt with financing long enough will tell you that prime doesnt only fluctuate by a point. The guy flat-out hosed you, and for that I am sorry, but it isnt MY fault that he did it.

Folks, I cannot stress this enough--DO YOUR RESEARCH BEFORE YOU SIGN ANYTHING.

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Skydiver, so you think it is fair for businesses to raise their interest rates? I think they have a lot of nerve to raise interest rates because they feel you are a high risk while they are accepting my tax money to bail them out. Seems to me THEY are the risk, and we have to pay for them.

This has already been addressed, but I will say it again. do I think it is fair? NO, I dont. I think it sucks. I think that it shouldnt be allowed--these companies rake in millions each year and their whole system is designed to keep you in debt without end. People pay their minimum payments each month and the balance never shrinks!

BUT--here's the thing...is it illegal? NO, it isnt. And again, I dont have the ability or authority to change that! Here's one more thing--WHO gave them the right to do this to your finances? YOU DID when you signed the contract!

But then again, its one thing to say "they shouldnt be able to do that, it isnt fair". Its another entirely to sign a contract, and then try to blackmail them into not doing what YOU AGREED they had the right to do by saying "drop the rate or you wont get a dime from me". WHY on earth do you people think that credit cards are so high on interest in the first place?? BECAUSE CONSUMERS ABUSED THEM TO SUCH A DEGREE THAT THEY BECAME HIGH RISK FOR THE CREDITORS. And whether you like the rates or not, adding to that problem will NOT solve this, will it? Flat-out refusing to pay them(and telling them that) will accomplish the following:

1--they will turn you over to collections.
2--your balance will continue to grow.
3--you will most likely get sued.
4--they will still get their money.
5--you just ruined your credit worse than if you had just shown respect and worked with them from the beginning.
6--the risk goes even HIGHER for the creditors now.....which means:
7--they will just continue to charge higher and higher interest rates on customers!

NOW, before all you try to jump on the hate-wagon again, how can you not see my point? DEMANDING that they lower your rate or you wont pay is, simply put, ridiculous! Like I said, I feel your pain, BUT THAT IS THE WRONG WAY TO HANDLE THIS.

any questions?

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skydivr7673, wow, you have a lot of anger and you're taking it out on the people at this forum via sarcastic and insulting posts.

lets you and me get one thing straight right now. My anger is not being wrongly taken out on you or anyone else--my anger is with people like you that try this ignorant tricks and then refuse to handle their responsibilities. I get angry at that because it screws it up for the rest of us. In other words, my anger was directed right on the target I intended it to be--on someone who thinks they have the right to breach the very contract they signed, and then complain that the contract THEY agreed to is suddenly somehow unfair. I GUARANTEE you that you didnt think it was so unfair when you signed it, did you? Dont come in here, complain when the CC company does what YOU authorized them to do, and then falsely accuse them of usury just because you dont want to handle the full obligation YOU signed on the line to meet.

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Your theme seems to be 'I had a tough time and I paid my bills with no lowered interest rates so tough luck to everyone else - you guys can suffer, too!'

Wrong again, chief--my theme is "its darn hard enough to work with creditors today without people pulling ignorant crap like making demands they have no business making." Your goal was one thing--lower the rate--and you overlooked every other thing in favor of that goal, even living up to your legal word. You should be far more worried about that than you should be about how I disagree with your tactics.

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And yes, I knew your response was sarcastic. But the thing about sarcasm is this - it belittles you more than it does me. It's cheap and easy and immature. And people don't come to these forums for sarcasm and insults.

It isnt nearly as immature as someone who gives their legal, binding word to a contract and then thinks they can still blackmail the cc company into getting their own way. But do go on patting yourself on the back--dont let mere facts stand in your way!

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I don't think my idea was 'retarded'.

Well, you also didnt think that you were wrong to claim they were guilty of usury, without apparently even knowing how usury works or what the law allows where you live. So, with all due respect, at this point, what you think about this situation may not be the best measuring stick after all.

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And your admonition to work with my creditors is ridiculous. Read my original post. I called GE numerous times and talked with various reps in an attempt to have the rate lowered. I didn't stop paying until they refused to work with me.

stop right there--you didnt say they refused to work with you. you said they refused to lower the interest rate. So, whether you like it or not, your post came off like a spoiled brat who took their toys back and went home because the evil credit card company wouldnt stop doing what YOU ALLOWED THEM TO DO. According to your post, your only effort was to get them to lower the rate. You said NOTHING about looking into debt settlement programs, debt consolidation programs, debt counseling, asking the CC company to work out something with payments to give you a chance to catch up, etc etc etc. YOUR ONLY MENTION WAS THE INTEREST RATE. That is NOT "they refused to work with me". it is rather, "they didnt lower the interest rate". And here's a news flash for you--cc companies dont lower interest rates simply because you call them up and ask them to. Have they worked with people in the past who were behind on payments? YOU BETCHA. But you made no mention of even THINKING about such a solution--your ONLY effort was the interest rate. Like I said, you went about this all wrong. Dont blame ME because you were hung up on an interest rate that they are under no obligation to change for you just because you asked them to.

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As for the rates being 'usurious', I was using the term in a descriptive sense, not a legal one. Having written that, I do believe that such rates should be against the law. (You wrote: "The OP in this thread actually claimed that usury had taken place" - no, I did not. Again, read the post.)

You didnt claim it was usury? What exactly did you think "usurious" meant? Come on, you cant seriously blame me for YOUR use of that word, can you? Gimme a break already....you really have issues with taking responsibility, it would seem. I urge you to address that. Merriam-Webster's online dictionary actually says that the meaning of usurious is "practicing usury". And that is not a legal term dictionary.

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I know what a contract is, and I know that it's a legally binding document. But this website wouldn't exist if things were that simple, would it?

Perhaps you have mistaken the actual purpose for this website's existence. It is not to help people get around their legal obligations as they agreed to them. It is not to help people force a credit card company not to do things you gave them permission to do. It is to help people deal with debt collectors that break the law and to find ways out of debt--LEGITIMATE WAYS. Trying to force their hand on the interest rate? Declaring that you wont pay them until they do? That is NOT A LEGITIMATE WAY. Period. And, because you tried to strong-arm them into it, they are far less likely to work with you now. That should be a wake-up call to you--it is not an insult, but a FACT. And its because of the tactics that you still "dont think were retarded". You just shot yourself in the foot, so to speak. Dont get all mad at me because I am the one who told you that.

You came here asking for answers. That is no guarantee that youre going to like the ones you get. hey, I am not blowing smoke at you here--this is the hard fact of the matter. you DID do it wrong. you DID damage your chances for getting them to work with you. And you DID breach your contract, whereas according to your post you were still at least making minimum payments! You still had a good chance of saving your credit rating and these accounts....but you blew it. you STILL dont see the ignorance of your attempt? Think long and hard before posting a reply to that.

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You admonish another poster to "can your attitude towards me". Okay. And yet you seem to find it acceptable to be nasty and contemptuous to other people. One rule for you and a different rule for everyone else?

No, wrong again. My admonishment was not about one rule for me and one for you. It was this simple--we are here on this website so that we all can get out of debt and get rid of illegal debt collectors and tactics. And when you pull a stunt like this, YOU HURT US ALL. you hurt ANYONE in the future that has to deal with these creditors. Like I pointed out, stunts like this are why the interest rates got so high in the first place! We are here to HELP people and your little trick is the kind of thing that HURTS ANYONE that has to deal with these companies! My attitude towards you was strictly because you did something really ignorant, and claim it was in the name of "trying to work with them". But I listed what, 5 or 6 ways you could have tried, and you didnt do any of those??

You need to understand what you posted and what common sense dictates before you think youve got a reason to come at me like this. We work DARN hard to deal with creditors and collectors, and garbage like this sets us back and ruins some of the work we have done! THINK ABOUT THAT.

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Allow me to share my assessment of your character, or lack thereof..... You're a bully who uses his computer to tear down people who are already in a tough spot.

And who exactly the heck are you? you dont know me from anyone! We dont get paid to be here. I have personally helped people from all around this country on this website, on my own free time and often with my own money, and there have been dozens and dozens of people that I have helped get out of some pretty tight spots before! Your assessment, therefore, doesnt possess enough value for me to wipe my back side with. you are someone who came in here because she couldnt get a credit card company to do something that NO credit card company does....and I am someone who has been here for quite some time, and who has helped a ton of people. I have gotten people out of illegal court judgments, helped them win cases they would have otherwise lost, and done a LOT more. So dont even THINk youve got any place trying to tell me squat.....just because I think it's crap that someone comes in here and tries to get out of her obligations, that isnt a reason to be hating. Remember that.

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The people who come to these forums are looking for honest and compassionate advice.

You got honest. you didnt get compassionate because you try to get out of the obligation you took on with regards to that interest. And that is the reason why you didnt get compassion. Time and again in here we see people trying to find some way out of a bill they know they owe. That does NOT deserve compassion from me or anyone else. If youre looking for the pity train, youre in the wrong place.

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We don't need to be told we're 'retarded' for using credit cards.

Are you reading a different thread? I certainly did not call you retarded for using credit cards. So now you cant even read? Whats the deal?

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We don't need to be told we're 'stupid' for believing what a customer service rep tells us.

If youre really that naive to think that a credit card rep has YOUR best interests in mind, I've got a swell bridge for sale. There are two things that EVERYONE should ALWAYS do before signing ANY contract--

1--read ALL OF IT.
2--understand ALL OF IT.

It isnt my fault that you had some kind of a problem there. here's a cold hard fact for you--if this were to go in front of a court judge tomorrow, you would lose. Your contract alone would prove you in breach. So why is it my fault all of a sudden that you didnt do this right? hmmm....

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We don't need to have you sitting in judgment of us.

What you need is to go handle your obligations. If you cannot, then LOOK FOR OPTIONS. Dont just decide that the interest rate must be lowered at all costs....that, to be frank, IS a stupid approach. I thought you said you wanted honesty.....well, now that you have it, youre complaining. Be careful what you wish for, you might just get it.

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The fact is that you used my original post as an excuse to launch a diatribe (The Rules of Debt According to skydivr7673!) Congratulations. It must be nice to feel so superior to everyone. Now why don't you go polish your halo?

Now youre just being ignorant again...pay attention. THESE ARENT MY RULES. I DIDNT MAKE THE LAWS. I DIDNT WRITE THE CONTRACT YOU SIGNED. I am NOT responsible for any of that. I simply TOLD YOU THE LEGAL TRUTH. If you have a problem with that, CONSIDER YOUR OWN ACTIONS AND NOT THE MESSENGER. Yes, the message sucks, but YOU MADE IT THAT WAY WITH YOUR CHOICES AND ACTIONS. I am not the one who chose to breach the contract, YOU ARE. This is NOT AT ALL about me being better than anyone else, its about YOU making a STUPID CHOICE when you had a half dozen better and more obvious ones that you COULD have chosen from. AND, rather than explore your options FIRST, you went off half-cocked on the cc company! Now, you shot yourself in the foot and I am NOT to blame for that. Once again, the message sucks, but I AM JUST THE MESSENGER. I DIDNT MAKE THAT HAPPEN, NOR DID I MAKE THE LEGAL REALITY OF IT. YOU DID THAT when you tried to BLACKMAIL a company that you legitimately owe money to!

Tell you what--dont take my word for it, go call a debt lawyer and ask them if you had a reasonable expectation when you wanted the cc company to drop your interest rate because you tried to blackmail them into it. youre obviously too worried about the sympathy you didnt get from me to address what REALLY needs to be addressed here. Otherwise, you can go to college to study the laws like I did, and then you can put in the countless time researching civil laws on the federal level as well as for most of the states like I have on my own time. CLEARLY, even though you came here because you had no answers, you think you know far better than me. So go for it. Tell us how you do!

Good day to you and good luck with the lawsuit you probably talked yourself into.